ISSN 2330-717X

Spain: PM Sánchez Says ‘New Major Economic Modernization To Be Based On European Funds’

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Spain’s Prime Minister Pedro Sánchez highlighted the importance of the Recovery, Transformation and Resilience Plan at the closing ceremony of Spain Investors Day.

“Spain’s new major economic modernization will be based on European funds,” Sánchez said, stressing that they will drive the green and digital reindustrialisation of our country, bringing about a change in the production model and the improvement of human capital.

Spain was one of the first countries to submit its recovery plan to the European Commission; the first, along with Portugal, to get it approved and the first to submit an application and receive a disbursement. To date, Spain has received a total of 19 billion euros. “The Next Generation Fund has been the biggest breakthrough in this century when it comes to European integration,” said Sánchez.

Sánchez highlighted that the 140,000 million euros from European funds that Spain will receive until 2026 to invest in the modernisation of the productive fabric represent an amount similar to the cohesion funds received over 34 years. “That success will now come back in an accelerated manner,” he stressed. Sánchez stated that our country will receive 70 billion euros in transfers up until 2026, to which the Executive will add approximately another 70 billion euros in loans to be requested before June 2023.

Sánchez added that the implementation of the European funds is already a reality. 91% of the more than 24 billion euros budgeted in the 2021 Recovery Plan have already been authorized. In the first half of this year, more than 150 calls for proposals are expected to be launched, which will make available to the productive fabric an amount of more than 17 billion euros.

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